HTX to Add Liquidity Assessment for Market Makers
- Others
Dear HTX Market Makers,
To better serve our users and enhance market liquidity, HTX is planning to update the assessment mechanism for spot market makers based on their assessment results in February 2023. Starting from April 1, 2023, we will be incorporating the monthly weighted depth, a key liquidity indicator, into our assessment criteria.
For Spot Makers:
The better of the following 3 indicators of a market maker will be used for its performance assessment and determine the maintenance, upgrade, or downgrade of its tier level.
| Tier |
Ranking Requirement (Monthly weighted maker trading volume) |
Or |
Percentage of Maker Trading Volume One-way share against platform total |
or |
Ranking Requirement (Monthly weighted depth) |
| Tier S |
[0, 30%] |
/ |
≥1% |
/ |
[0, 5%] |
| Tier 1 |
(30%, 70%] |
/ |
[0.5, 1%) |
/ |
(5%, 30%] |
| Tier 2 |
(70%, 100%] |
/ |
- |
/ |
(30%, 100%] |
Elimination
Market makers will be disqualified if both the monthly weighted maker trading volume and the monthly weighted depth are less than 1,000,000 USDT / Calendar month during the assessment period.
Trading Pairs' Weight Factors for Market Makers
The assessment factors for spot trading pairs after April 2023 are listed below:
| Pair |
Weight Factor |
Factor (Bid-Ask Spread = 0.1%) |
Factor (Bid-Ask Spread = 0.5%) |
Factor (Bid-Ask Spread = 1%) |
| BTC/USDT |
1.0 |
1.98 |
3.47 |
2.90 |
| ETH/USDT |
1.0 |
1.98 |
2.64 |
2.15 |
| TRX/USDT |
6.6 |
1.06 |
0.77 |
0.66 |
| HT/USDT |
6.6 |
1.85 |
1.34 |
1.15 |
| BTT/USDT |
6.6 |
1.85 |
1.34 |
1.15 |
| XRP/USDT |
4.5 |
2.74 |
3.65 |
2.36 |
| BCH/USDT |
4.5 |
1.21 |
3.40 |
2.26 |
| LTC/USDT |
4.5 |
1.64 |
2.55 |
1.97 |
| MATIC/USDT |
4.5 |
3.87 |
6.45 |
4.76 |
| ADA/USDT |
4.5 |
6.49 |
8.67 |
6.02 |
| AVAX/USDT |
4.5 |
6.93 |
8.44 |
6.51 |
| SOL/USDT |
4.5 |
2.92 |
8.62 |
4.67 |
| ATOM/USDT |
4.5 |
4.00 |
5.29 |
4.19 |
| DOT/USDT |
4.5 |
2.76 |
4.34 |
3.11 |
| LINK/USDT |
4.5 |
2.64 |
4.25 |
3.25 |
| ETC/USDT |
4.5 |
2.64 |
3.93 |
3.07 |
| Others |
2.0 |
3.96 |
8.36 |
3.88 |
| USDD pairs, HT pairs, USDC pairs |
1.5 |
3.96 |
8.36 |
3.88 |
| Other BTC and ETH pairs, other symbols |
1.2 |
3.96 |
8.36 |
3.88 |
| Stablecoin pairs |
1.0 |
1.00 |
1.00 |
1.00 |
These adjusted factors apply to futures trading of USDT-M perpetual, USDT-M delivery, Coin-M perpetual, and Coin-M delivery:
| Symbol |
Weight Factor |
Factor (Bid-Ask Spread = 0.1%) |
Factor (Bid-Ask Spread = 0.3%) |
Factor (Bid-Ask Spread = 0.5%) |
| btc |
1.00 |
1.60 |
2.78 |
2.33 |
| eth |
1.00 |
1.62 |
2.72 |
2.55 |
| trx |
1.73 |
3.40 |
0.95 |
1.10 |
| ht |
1.73 |
3.40 |
0.95 |
1.10 |
| ada |
2.08 |
2.04 |
1.74 |
1.18 |
| atom |
2.08 |
1.69 |
1.09 |
1.11 |
| avax |
2.08 |
4.03 |
3.57 |
3.35 |
| bch |
2.08 |
5.34 |
1.23 |
0.94 |
| dot |
2.08 |
3.79 |
2.46 |
1.43 |
| etc |
2.08 |
3.90 |
1.64 |
0.87 |
| link |
2.08 |
2.72 |
1.47 |
1.40 |
| ltc |
2.08 |
2.43 |
1.45 |
1.20 |
| matic |
2.08 |
5.28 |
3.03 |
2.41 |
| sol |
2.08 |
2.64 |
1.50 |
1.31 |
| xrp |
2.08 |
1.86 |
2.03 |
1.72 |
| Others |
1.13 |
3.89 |
2.28 |
1.96 |
Note: Bid-Ask Spread = (sell 1- buy 1) / [(sell 1 + buy 1) / 2]
Calculation Formula: (take one symbol for example)
Weighted Depth
*Intraday weighted average depth = Total intraday order size * symbol weight factor * bid-ask spread factor / intraday number of snapshots
*Monthly weighted average depth = (∑ intraday weighted average depth) / monthly days' count
Important Notes:
- The assessment cycle is a calendar month from 00:00:00 (UTC+8) on the first day of a month to 23:59:59 (UTC+8) on the last day of this month.
- The maker fee rates are adjusted on the 16th day of each calendar month, or the first workday after the 16th day if it falls on a weekend or holiday.
- HTX provides each market maker with a daily report on the market-making performance, which can be viewed on the HTX Open Platform - Workplace.
- The negative maker trading fee takes effect immediately upon the completion of each trade.
Important notes
- Market-making related rules may be changed or adjusted from time to time as the HTX market-maker team sees fit based on the current liquidity and depth effectiveness.
- Such change or adjustment includes adding or removing applicable symbols, adjusting symbol weight factors and the bid-ask spread weight factors, etc.
- Any maker trading volume generated from self-trading will be excluded.
Thank you for your support.
HTX
March 29, 2023
Trade on the go with HTX App (iOS/Android)
Find us on
Twitter: https://twitter.com/HuobiGlobal
Facebook: https://www.facebook.com/huobiglobalofficial/
Instagram: https://www.instagram.com/huobiglobalofficial/
Reddit: https://www.reddit.com/r/HuobiGlobal/
Medium: https://huobiglobal.medium.com/
Telegram:
https://t.me/htxglobalofficial
https://t.me/HTX_Chineseofficial
Discord：
HTX reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and HTX makes no recommendations or guarantees in respect of any virtual asset, product, or promotion on HTX. Prices of virtual assets are highly volatile and trading virtual assets involves risk. Please read our Risk Reminder text here.
